Finance Releases Second Consultation on Federal Financial Sector Framework

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Sep 05, 2017

On September 5, 2017, Fasken Martineau released an article summarizing the major topics in the second consultation document issued by the the Department of Finance Canada requesting input on the Federal financial sector. Comments are requested by September 29, 2017.

In the article, the authors mention that the second consultation document is a significant 30-page document that is divided into five segments, each with a series of background comments, suggestions and request for further comments. 

In particular, the Department seeks input for the 2019 update on clarifying the fintech business powers of financial institutions, facilitating fintech collaboration; and streamlining the bank entry and exit framework. The comments regarding earthquake risk are also notable given that a particular focus of comments on the First Consultation Paper was on the risk of a low probability, high severity earthquake and the consideration of what needs to be done for the property and casualty sector to be stable and more resilient.

Review the article on Fasken Martineau's website and the press release and consultation document on the Department of Finance Canada's website.

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